FX Action: USD-JPY has continued to ply a narrow range
FX Action: USD-JPY has continued to ply a narrow range in the low 104s, below last Wednesday's 11-week high at 104.63. The yen's recent spell of general underperformance, seen following the BoJ's announcement of a new monetary policy framework, has come to a pause, though the technical bias still remains a declining one. A Reuters poll on BoJ expectations, released last week, found a consensus expecting the central bank to remain on hold until the new year before expanding monetary stimulus. USD-JPY's bull trend credentials remain in check after last week posting the highest daily closes since late July. The 20- and 50-day moving averages are presently at 102.66 and 102.25, respectively, while the 200-day average is some way to the north, at 106.10. Trend support is at 103.50-55.